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Comte de Paris, History of the Civil War in America. Vol. 3. (ed. Henry Coppee , LL.D.), Book III:—Pennsylvania. (search)
on gold deposits, we shall have, as a total of the resources created but not realized, for the period intervening till the 1st of July, 1864, the sum of $2,055,271,197. It must be acknowledged, to the honor of the American people and the statesmen who had to bear the heavy burden of these financial questions, that this almost fabulous sum did not destroy the national credit. The bold but just calculations of Mr. Chase were realized. A contract made with a large Philadelphia firm— Messrs. Jay Cooke & Co.—who in consideration of a commission of three-eighths of one per cent. undertook to place the Federal bonds on the market, greatly facilitated the consolidation of the debt. The revenue derived from the tax encouraged lenders. Notwithstanding the issues of bank-notes, in spite of the defeats of the Federal armies during the early part of 1863, the natural reaction against excessive stockjobbing caused the price of gold to fall forty-seven per cent.—that is to say, to the rate o<